Risk Analytics Market, By Component (Software, Service), Deployment (Cloud, On-Premise) and Vertical (BFSI, Healthcare, Transportation, Manufacturing, Retail, Government) – Global Forecast 2023
Risk analytics has gained popularity due to increasing amount of data being exposed. Risk analytics provides a clear visibility regarding the challenges and uncertainties about a particular process.
By assessing the uncertainties, risk analytics helps in avoiding system failures and anything that could hinder the normal business operations. Risk calculation engines and risk assessment tools help in predicting risks and avoiding future costs of handling those risks.
Risk analytics market has been segmented on the basis of component, deployment and vertical. The vertical segment is further bifurcated into BFSI, manufacturing, transportation, healthcare, retail, IT and telecommunication and government.
By vertical segmentation, the BFSI segment is growing at a faster rate as compared to others owning to capacity of risks involved in that area. Banking and insurance sectors comprises of more risks and need risk assessment and risk controls.
This helps in reducing time being consumed and identifying fraudulent activities. Owing to this, the BFSI segment is driving the market growth of risk analytics market and is expected to exhibit highest market share during the forecast period.
The global risk analytics market is expected to grow at approx. USD 42 Billion by 2023, at 14% of CAGR between 2017 and 2023.
Major Key Players:
- SAP SE (Germany),
- IBM Corporation (U.S.),
- Moody's Analytics, Inc. (U.S.),
- SAS Institute Inc. (U.S.),
- Oracle Corporation (U.S.),
- Verisk Analytics, Inc. (U.S.),
- Risk Edge Solutions (India),
- Misys (U.K.),
- AxiomSL (U.S.),
- Gurucul (U.S.)
- Provenir, Inc. (U.S.)
The regional analysis of risk analytics market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period.
The major growth in risk analytics market in North America attributes to the technical advancements and increasing use of mobiles and tablets in that region.
- Technology investors
- Integrated device manufacturers (IDMs)
- Original equipment manufacturers (OEMs)
- Research/Consultancy firms
- Risk engine solution providers
- Government agencies
- Risk assessment service providers
- Venture capitalists
- Value-added resellers
- Small, medium-sized, and large enterprises
- Third-party providers
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Risk analytics market can be segmented on the basis of following:
- Extract, Transform and Load Tools
- Dashboard Analytics and Risk Reporting Tools
- Scorecard and Visualization Tools
- Risk Calculation Engines
- GRC Software
- Professional Services
- Managed Services
- By Deployment
- IT & Telecommunication
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